It’s no secret that California is facing an affordability crisis. Even with the longest economic expansion in U.S. history powering our economy, more than 40 percent of California voters say they can’t afford to live in the Golden State. For too many, the California Dream is slipping out of reach. But with targeted tax policies and increased housing production we can make a real difference for millions of Californians.
In responding to our affordability crisis, it’s vital that we address the high cost of housing. In recent years, rents have increased between 25 and 50 percent in many of our urban areas, which are already among the most expensive rental markets in the nation. And those wishing to purchase a home in California must compete in a market where the average price is more than half a million dollars. In several Bay Area counties, median home values now exceed $1.3 million.